Prolex company continues its blog of recommendations for Belarusian businessmen during the economic crisis.
In the previous section, we analyzed the activities of a number of small and medium-sized businesses, based on which we made 5 main conclusions in the form of recommendations – how to act in a crisis.
We continue our analysis and recommendations based on our own statistics, so here are some more recommendations for Belarusian businessmen:
6. Prepare for the worst-case scenario
Work out different scenarios. Including the worst-case scenario. In the current situation, it is difficult to make forecasts, since the level of uncertainty is high, but think about the worst option, it is better to be pleasantly surprised later that everything is not so bad than to be upset and underestimate the impact of the crisis.
7. Manage your losses
Break up with top managers who cause panic, are not able to think rationally and offer new ideas. If top managers say that there is no way out, then they will drag the business down, there is always a way out. Such alarmists need to be dealt with urgently and recruit new ones who can generate creative ideas. Empathy should not influence decisions. The most important thing is the speed of its adoption.
8. Moving forward only
In point # 4, we have already written about the new business model, and we will continue. You need to reorient your focus, your tactics, and the rest of the team and set a course only forward and up, thereby encouraging the team.
9. Manage your psychology
It is very important that managers (owners), the entire team and surrounding people (partners, contractors) are healthy, balanced and productive. Work only with those who inspire confidence and bring results, wait with the rest, do not waste your time in vain.
10. Explore
Research the market before making any decision. How to pay adequately, and how to optimize costs, including for personnel? By doing research, you can get more accurate data on current salaries in specific industries.
Remember that a crisis is a time of opportunity! Soon we will continue to give useful tips in our permanent section “Simple question for backfilling”.
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